Good day ladies and gentlemen, and welcome to the second quarter 2012 Hyatt Hotels Corporation earnings conference call. At this time all participants are in a listen-only mode. Later, we will facilitate a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes. I would now like to turn the call over to Atish Shah, Head of Investor Relations. You may proceed.

Atish Shah

Thank you, Francis. Good day, everyone, and thank you for joining us for Hyatt's second quarter 2012 earnings call.

Here with me in Chicago is Mark Hoplamazian, Hyatt's President and Chief Executive Officer. Mark is going to start by making some brief comments and then we are going to read and respond to questions emailed to us this morning. Finally, we will take live Q&A towards the end of the call.

Before we get started, let me remind everyone that certain statements made on this call are not historical facts and are considered forward-looking statements. These statements are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings which could cause our actual results to differ materially from those expressed in or implied by our comments.